MIFCO Raises Fish Purchase Rate to $1.30 as Market Demand Surges

The Maldives Industrial Fisheries Company (MIFCO) has increased its fish purchasing rate to USD 1.30 per kilogramme, effective June 9. This adjustment comes as the state corporation seeks to support local fishermen amid a nationwide downturn in fisheries production. A contraction in catch volumes has led to a spike in market demand, prompting MIFCO to implement progressive pricing. The rate had previously been set at USD 1.20 on June 7, a figure officials expected to rise. With this latest increase, MIFCO's purchasing rates have now surpassed those offered by private sector enterprises. Mohamed Anas, the Managing Director of MIFCO, explained that purchasing prices are fundamentally driven by the laws of supply and demand. In an interview with PSM News, he emphasized that the corporation is committed to offering the most competitive rates possible in alignment with government policies to ensure the viability of the local industry. Beyond immediate pricing adjustments, the government is implementing broader strategic initiatives to maximize profitability for the sector. These efforts include diversifying fish-based commodities, developing value-added products, and strengthening export mechanisms to improve quality control. To mitigate the impact of seasonal fluctuations in domestic catches, authorities are also expanding cold storage infrastructure to maintain a consistent supply for international markets. The premium rate of USD 1.30 will be applied at primary processing facilities in Felivaru, Kooddoo, and Addu. Additionally, the updated pricing is being implemented across regional harbor centers in Thinadhoo, Faresmaathodaa, Gadhdhoo, Ihavandhoo, and Fuvahmulah City.